Finance

Robinhood’s Bitcoin Gamble: Will a Crypto Treasury Boost or Burden the Trading App?

Robinhood is considering adding Bitcoin to its balance sheet, following the trend of other companies.

November 6, 2025, 5:03 PM

A physical Bitcoin coin is centered beneath the logo of the commission-free broker Robinhood. By JOCA_PH / Shutterstock.com.

Executive Summary

Robinhood is actively considering adding Bitcoin to its corporate balance sheet, a strategic move being debated internally by its finance and strategy team.

The potential adoption of Bitcoin as a corporate treasury asset involves weighing alignment with the crypto community against concerns about capital allocation.

Robinhood reported strong financial results, with crypto trading revenues up 339% year-over-year, and is part of a growing trend of companies, like MicroStrategy, holding digital assets.

The Story So Far

Robinhood is actively considering adding Bitcoin to its corporate balance sheet, a strategic move influenced by its significant crypto trading revenue growth and its aim to evolve into a comprehensive financial services platform, aligning with a broader trend of publicly traded companies, pioneered by MicroStrategy, embracing digital asset treasuries, despite internal debates about capital allocation and the inherent risks associated with crypto market volatility.

Why This Matters

Robinhood’s active consideration of adding Bitcoin to its corporate balance sheet signifies a strategic alignment with a growing trend among publicly traded companies, potentially deepening its commitment to the crypto community and reinforcing its vision as a comprehensive financial services platform. This move, if finalized, would further legitimize corporate digital asset adoption while also underscoring the ongoing debate about balancing market integration with the inherent risks and capital allocation concerns associated with volatile cryptocurrencies.

Who Thinks What?

Robinhood’s Senior Vice President of Finance and Strategy, Shiv Verma, indicates the company is actively debating adding Bitcoin to its balance sheet to foster alignment with the crypto community, while also acknowledging concerns about tying up capital that shareholders could deploy.

Companies like MicroStrategy and Metaplanet have already adopted the strategy of holding Bitcoin as a corporate treasury asset, accumulating significant digital coin holdings, suggesting a belief in its long-term value.

Experts warn about the inherent risks associated with companies buying and holding cryptocurrency, citing instances where firms’ share prices have dropped during broader digital asset market slumps.

Robinhood is actively considering adding Bitcoin to its corporate balance sheet, a strategic move that would align the popular trading app with a growing number of publicly traded companies embracing digital asset treasuries. Shiv Verma, the company’s Senior Vice President of Finance and Strategy, confirmed the ongoing internal debate, citing both potential benefits and concerns regarding capital allocation.

Verma, who is slated to become Robinhood’s Chief Financial Officer, elaborated on the internal discussions following the company’s recent quarterly earnings call. He noted that while holding Bitcoin could foster alignment with the crypto community, it also ties up capital that shareholders could potentially deploy themselves.

Financial Performance and Strategic Vision

The Menlo Park, California-based firm recently surpassed analysts’ revenue and earnings estimates, reporting $1.27 billion in revenue and $0.61 earnings per share. Its crypto trading revenues saw a significant 339% year-over-year increase, bolstering CEO Vlad Tenev’s vision for Robinhood to evolve into a more comprehensive financial services platform.

Nasdaq-listed HOOD shares closed nearly 11% lower on Thursday afternoon in New York, despite having soared more than 240% year-to-date. Robinhood currently facilitates trading for Bitcoin, Ethereum, XRP, Solana, and over a dozen other digital assets.

The Trend of Corporate Bitcoin Treasuries

The strategy of holding Bitcoin as a corporate treasury asset was notably pioneered by MicroStrategy, now known as Strategy, in 2020. The software firm currently holds 641,205 digital coins, valued at approximately $64.9 billion based on current market prices. This trend has since been adopted by over 200 other U.S. publicly-listed companies, with some also accumulating significant holdings of other major tokens like Ethereum and Solana.

Prominent international examples of companies with substantial crypto holdings include Japanese hotel operator Metaplanet, which has amassed a Bitcoin stockpile of nearly 31,000 BTC. Similarly, firms such as Bitcoin miner BitMine Immersion and online marketing company SharpLink Gaming have established Ethereum treasuries.

Risks and Market Dynamics

Despite the growing adoption, experts have consistently warned about the inherent risks associated with companies buying and holding cryptocurrency. Many firms that have acquired digital assets have subsequently seen their share prices drop as the broader digital asset market has experienced slumps.

Beyond Bitcoin: Prediction Markets and Leadership Changes

In addition to its crypto treasury considerations, Robinhood also highlighted the robust growth of its prediction markets business, which generated $100 million for the quarter. The company is actively pursuing expansion in this segment, including into overseas markets. Furthermore, the company announced that Shiv Verma, a seven-year veteran, will take over as CFO from the retiring Jason Warnick.

Key Takeaways

Robinhood’s contemplation of a Bitcoin treasury reflects a significant industry trend, balancing potential market alignment with strategic capital management. The company’s strong financial performance, particularly in crypto trading, underscores its expanding presence in the digital asset space, even as the debate over corporate crypto adoption continues amidst market volatility and expert warnings.